LOCAL : Housing Affordability Improves Statewide--but Not in O.C.
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Despite a slight improvement statewide in housing affordability in December, things were unchanged in Orange County, where only about 1 in 7 households could qualify for a conventional loan on a median priced resale home, the California Realtors Assn. said today.
That 15% affordability rate for the county contrasts with a 48% national rate and a 21% statewide rate, the association said. Both the state and national rates were up 2 percentage points from November.
A prospective home buyer in Orange County needed a minimum annual household income of $81,034 last month to qualify for a mortgage loan for the $248,664 median-priced single-family resale home. That was nearly 32% more than the $61,420 needed to qualify for a home with the statewide median price of $188,477, and was more than 2 1/2 times the $30,144 annual income necessary to get a conventional loan on a home with the national median price of $92,500.
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